Transoma Medical, an Arden Hills-based company that makes implantable medical monitors used in research and patient care, filed an initial public offering Friday to raise up to $75 million.

The filing follows announcements this month that Transoma is building a headquarters in New Brighton, and has obtained clearance to market its first implantable wireless monitoring system for use in humans.

According to Friday’s filing with the Securities and Exchange Commission, Transoma is not profitable and has incurred net losses in each quarter since fiscal year 2002. The company has financed its operations primarily through private fundraising, the filing states, as well as revenue from the company’s Data Sciences International division.

That division, founded in 1984, sells monitoring equipment used in research animals as part of biomedical research. Sales of these products totaled $37.2 million during the fiscal year ended in June, an increase of 20.5 percent compared with fiscal 2006.

Transoma has plowed money into the development of its Patient Management Device division, which earlier this month received approval for its first product – a heart monitor called Sleuth that looks for potential causes of fainting.

At least three other Minnesota companies have filed IPOs this year, including Roseville-based EnteroMedics, which is developing an implant system to treat obesity.

Other 2007 filings have come from Eden Prairie-based Compellent Technologies – a network storage company that raised $81 million this week from its initial public offering – and Minneapolis-based Dolan Media, which raised $195 million with its IPO in August.

“The IPO market clearly is improving,” said Dan Carr of the Collaborative, a Twin Cities business group.

In its filing Friday, Transoma said it sees growth prospects in both of the company’s divisions.

Wireless monitoring products such as those sold by Transoma account for nearly one-third of the estimated $137 million in worldwide sales of animal monitoring products used in research testing during 2007, according to figures cited by the company from Millennium Research Group, a Toronto-based market research firm. The wireless products are expected to grow at a compound annual growth rate of about 20 percent for the next five years, according to Millennium Research, and Transoma said it believes the opportunity could be even larger.

The market for Transoma’s human monitors could be even bigger, the company said in the filing.

Potential products could be sold to a broader group of patients than just those suffering from unexplained fainting spells – the likely candidates for the recently approved Sleuth system. That larger patient group includes people with epilepsy, a heart-rhythm problem called atrial fibrillation and an increased risk of sudden cardiac death, the company said. Transoma’s devices also might benefit those whose medical management would improve with long-term, continuous blood-pressure monitoring.

“We estimate that the annual market opportunity for monitoring these patients is approximately $2.1 billion in the United States and approximately $1.9 billion in Europe,” the company stated in the SEC filing.

The company had 286 employees as of September. In addition to operating from two locations in Arden Hills, Transoma has a small manufacturing operation in Valley View, Ohio, near Cleveland.

Transoma plans to consolidate local operations in a new $11 million facility in New Brighton with roughly 118,000-square-feet of space on a 6-acre parcel along 14th Street Northwest. The new facility will include approximately 20,000 square feet of manufacturing space – about twice as much as the company currently has for manufacturing in Minnesota.

Transoma said it would apply for listing of its stock on the Nasdaq Global Market under the symbol TSMA. The price of the stock, and the number of shares to be sold, has not been determined.

Christopher Snowbeck can be reached at 651-228-5479 or csnowbeck@pioneerpress.com.

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